S.1801 - Mutual Depository Institution Conversion Protection Act of 1994103rd Congress (1993-1994)
|Sponsor:||Sen. Riegle, Donald W., Jr. [D-MI] (Introduced 01/26/1994)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/25/1994 Committee on Banking. Hearings held. Hearings printed: S.Hrg. 103-510. (All Actions)|
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Summary: S.1801 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in Senate (01/26/1994)
Mutual Depository Institution Conversion Protection Act of 1994 - Amends the Home Owners' Loan Act with respect to conversions from mutual to stock form of ownership by State and Federal savings banks and associations to: (1) subject State institutions to Federal regulations; (2) authorize State regulatory authorities to impose conversion rules more restrictive than the Federal rules; (3) restrict the beneficial interest available to insider transactions pursuant to such conversions to the same interest available to non-insiders; (4) prohibit for one year compensation to savings institution personnel which exceeds that received before the conversion date; and (5) require the Director of the Office of Thrift Supervision to establish aggregate limits on the beneficial interests of insiders pursuant to such conversions.
Directs the Secretary of the Treasury to study and report to the Congress on the adequacy of Federal regulations and disclosure requirements regarding such conversions.